Binance Pledges to Cover All Losses from $6.3B Hack, Exceeding Previous Largest Theft
Blockchain data indicates that funds began being withdrawn from Binance wallets around 4:24 AM Hong Kong time on Friday, signaling a significant breach in the world’s largest cryptocurrency exchange by trading volume.
In what is shaping up to be the largest crypto theft in history, Binance has announced it will cover all losses from a hack that drained approximately $6.3 billion from its wallet. This surpasses the $1.5 billion stolen from the Dubai based exchange Bybit in February 2025, a theft attributed to North Korean actors by the FBI.
The scale of the breach underscores the vulnerabilities within the crypto ecosystem and the potential for substantial financial losses. Binance’s commitment to absorbing the full cost of the hack suggests a high level of responsibility and a desire to maintain user trust.